Blue Star Media Group, of Stamford, has hired a former executive as a consultant to lead the financially troubled radio programmer. The move follows the departure of Blue Star's chief executive officer, Michael Metter, who left last week amid allegations of securities fraud at another company.

Jeff Weber, chairman of the Greenwich Chamber of Commerce, is rejoining the privately held company from which he resigned in December 2011, filling Metter's spots as CEO and president. Metter, who will be pursuing other interests, according to a news release, will stay on as a director "in name only," court documents show.

"What a great opportunity to return to work with our exceptional staff and the fine content we provide our more than 1,000 affiliates and the outstanding programs our owned stations air for their listeners," Weber said in an email.

Blue Star and its affiliated companies, including radio station WGCH in Greenwich, Business TalkRadio Network and the Lifestyle Talkradio Network, provide original programming across the country.

Metter was indicted on criminal charges in 2010 related to his tenure as CEO of Spongetech Delivery Systems, whose stock was allegedly manipulated in a scheme commonly referred to as a "pump and dump."

In such a scheme, executives or other shareholders inflate the company's stock price through public statements or other means and then sell the shares for a profit, leaving new investors holding shares that are worth substantially less than what they paid for them. In the case of Spongetech, the government claims executives made up fictitious orders for the company.

Blue Star was drawn into the controversy because it received $5 million loan from the proceeds of the alleged Spongetech fraud, according to court documents. As a result, Blue Star and BusinessTalkRadio were named as relief defendants in the federal case and have had their bank accounts frozen. The company is currently accessing funds through temporary court orders.

The U.S. Securities and Exchange Commission has also filed a civil action against Metter.

Metter's attorney was not immediately available for comment on the SEC case Wednesday.

Blue Star hopes the hiring of Weber will give it better access to its funds.

Attorney Brett D. Fallon, of the Delaware-based firm Morris James, filed a stipulation -- which gained agreement by the SEC -- to unfreeze the company's assets on the same day Weber's hiring was announced. Metter will no longer have access to Blue Star accounts.

"BTR now finds itself in an extremely critical situation and urgently needs to be able to pay certain of its debts as they become due, including payroll," Fallon said in a letter to the judge in the case.